Gaming Aktien sind derzeit mein spezielles Steckenpferd. Seit dem letzten
Conference Call von PDSG am 14.08.02 gings wieder bergauf. Kurs derzeit 0,98 und ich bin extrem zuversichtlich für diesen Miniwert. Sollte der Kurs von PDSG in den nächsten Tagen über 1,15 schliessen, steige ich ein. Die Erholung von Paul-Son Gaming von 0,85 auf fast 4 Dollar stimmt mich zuversichtlich auch für diesen Mini-Cap. Allerdings werden an der Nasi auch nur sehr wenige Stücke gehandelt, kein Wunder, bei einer Markkapitalisierung von 3,72 Millionen Dollar.
Diesen kleinen Gaming-Companies sind aber mit am interessansten für mich und kurstechnisch gut drauf,ich wittere in diesem Fall eine
besondere Story.
PDS Gaming Corporation 2002 Second Quarter Earnings
Updated: Wednesday, August 14, 2002 07:30 AM ET Printer-friendly version
LAS VEGAS--(BUSINESS WIRE)--Aug. 14, 2002--PDS Gaming Corporation (Nasdaq: PDSG, news), a diversified gaming company that finances, leases and sells gaming equipment for the casino industry and operates Rocky's Sports Pub and Grill in Reno, Nevada, today reported its operating results for the second quarter and first half of 2002.
chart.bigcharts.com/bc3/quickchart/...28&mocktick=1&rand=8835" style="max-width:560px" >
For the three month period ended June 30, 2002 ("the second quarter 2002"), the Company reported a loss from continuing operations of $29,000, or $0.01 per diluted share, compared with income of $1,238,000, or $0.32 per diluted share, for the three months ended June 30, 2001 ("the second quarter 2001"). Revenues from continuing operations were $8.8 million and $13.4 million in the second quarters 2002 and 2001, respectively. The Company completed $20.4 million in originations during the second quarter 2002, compared with $14.9 million in the year-earlier quarter (the year-earlier quarter also included the purchase of a lease transaction from a third party for $17 million).
The decrease in revenue primarily reflects a decline in finance income of approximately $5 million resulting from non-recurring transactions in the second quarter 2001 with the Company's then-largest customer. Excluding the effect of those transactions, margin from leasing activities increased by approximately $1.5 million during the second quarter 2002 compared to the year-earlier period.
Selling, general and administrative costs declined approximately $800,000 in the second quarter 2002, reflecting headcount reductions, a decrease in accrued bonuses, the impact of higher origination volume on capitalization of overhead as initial direct costs and the nonrecurring expenses of the 2001 exchange offering related to the Company's subordinated debt.
Casino operations resulted in a pre-tax loss of approximately $200,000 in the quarter, compared to pre-tax income of $100,000 in the comparable year-earlier period. The loss from casino operations reflects higher payroll and promotional costs, which were only partially offset by a 16% increase in revenue.
At the end of the first quarter 2002, the Company discontinued operations of its Table Games division and certain components of its Casino Slot Exchange division, due to unacceptable operating results. Accordingly, the Company has reclassified these activities as discontinued operations in accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. For the second quarter 2002, the results of discontinued operations were a loss of $484,000, or $0.13 per diluted share, compared to a loss of $710,000, or $0.19 per diluted share, in the same quarter 2001.
For the six month period ended June 30, 2002, the Company reported a loss from continuing operations of $510,000, or $0.13 per diluted share, compared to income of $1,869,000, or $0.47 per diluted share, in the first half of 2001. Revenues from continuing operations approximated $18.3 million in the first half of 2002, compared with $20.9 million in the same period last year. The Company completed $29.9 million in originations in the first six months of 2002, compared with $21.2 million in the same period of 2001 (the year earlier period also included a purchase of a lease transaction from a third party for $17 million). Approximately 3,100 and 3,400 gaming devices were shipped to customers in the six-month periods ended June 30, 2002 and 2001, respectively.
For the six months ended June 30, 2002, the results of discontinued operations were a loss of $1,876,000, or $0.50 per diluted share, compared to a loss of $877,000, or $0.23 per diluted share, in the same period in 2001.
"The results for the quarter reflect our increased focus on the finance and leasing area. Originations of lease and financing transactions were higher than the comparable year-earlier period, and as a result our portfolio has grown to $76.5 million at June 30, 2002 from $66.1 million at the beginning of the year. This has yielded increasing levels of finance and operating lease income. Looking forward, we continue to see attractive opportunities to add finance and lease transactions to our portfolio over the next several months," stated Peter Cleary, President, Chief Operating Officer and Interim Chief Financial Officer and Treasurer of PDS Gaming Corporation.
The Company will host an investor conference call at 12:00 p.m. Eastern Standard Time (9:00 a.m. Pacific) on August 14, 2002 to discuss its second quarter and current outlook. To participate in the conference call, please dial (800) 230-1766 a few minutes before 12:00 p.m. EST. Replays of the conference call will be available beginning August 14, 2002, until August 28, 2002, accessable by dialing (800) 475-6701, and entering access code 648757.
PDS Gaming Corporation provides customized finance and leasing solutions to the casino industry in the United States. The Company also operates Rocky's Sport Pub and Grill in Reno, Nevada. PDS Gaming Corporation is headquartered in Las Vegas, Nevada, and its common stock trades on The Nasdaq Stock Market under the symbol "PDSG".
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, factors to complete currently anticipated finance and lease transactions, worse than expected results from -casino operations, changes in regulation of the gaming industry, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, changes in interest rates, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For additional information, please contact:
Peter D. Cleary, President, Chief Operating Officer and Interim Chief Financial Officer and Treasurer of PDS Gaming Corporation, at (702) 736-0700.
Werbung
